2nd quarter 2016 results - randstad.com€¦ · 2nd quarter 2016 results solid incremental...
TRANSCRIPT
2nd quarter 2016 results solid incremental conversion
Randstad Holding nv July 26, 2016
Jacques van den Broek, CEO Robert Jan van de Kraats, CFO
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second quarter results 2016 2
disclaimer & definitions
Certain statements in this document concern prognoses about the future financial condition, risks, investment plans and the results of operations of Randstad Holding and its operating companies, as well as certain plans and objectives. Obviously, such prognoses involve risks and a degree of uncertainty, since they concern future events and depend on circumstances that will apply then. Many factors may contribute to the actual results and developments differing from the prognoses made in this document. These factors include, but are not limited to, general economic conditions, a shortage on the job market, changes in the demand for personnel (including flexible personnel), achievement of cost savings, changes in the business mix, changes in legislation (particularly in relation to employment, staffing and tax laws), the role of industry regulators, future currency and interest fluctuations, our ability to identify relevant risks and mitigate their impact, the availability of credit on financially acceptable terms, the successful completion of company acquisitions and their subsequent integration, successful disposals of companies, and the rate of technological developments. These prognoses therefore apply only on the date on which this document was compiled. The quarterly results as presented in this press release are unaudited.
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EBITA: operating profit before amortization and impairment acquisition-related intangible assets and goodwill, integration costs and one-offs.
organic growth is measured excluding the impact of currency effects, acquisitions, disposals and reclassifications.
diluted EPS is measured before amortization and impairment acquisition-related intangible assets and goodwill, integration costs and one-offs.
July 26, 2016
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agenda
performance
financial results & outlook
Q&A
appendices
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second quarter results 2016 4
performance
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Q2 2016: solid incremental conversion
second quarter results 2016 5
M&A announced in H1 will add ~€ 1.5 billion in revenues (incl. Proffice and Ausy) on an annualized basis
Acquisitions of Obiettivo Lavoro (Italy), Careo (Japan) and twago (digital) announced
DSO improved to 50.7 (from 51.2 in Q2 2015); leverage ratio of 0.7
L4Q EBITA margin of 4.6% (+30bp YoY)
Revenue of € 4,702 million; organic growth +5.0%; gross profit up 3.8%
Topline growth of 6% in Europe, +3% in North America and +5% in Rest of World
Underlying EBITA of € 168.9 million (+xx% organically); EBITA margin up 10 bp to 3.6%; Organic FY ICR of xx%
Revenue of € 5,108 million; organic growth +3.1%; gross profit up 2.4%
Topline grew 4% in Europe, 0% in North America and 4% in Rest of the world
Gross margin up 20bp YoY to 18.9%; perm fees up 11%
Underlying EBITA of € 240 million (+10%); EBITA margin up 20bp to 4.7%; L4Q ICR of 53%
Adjusted net income up 12% to € 170.9 million; ROIC at 17,9% (vs. 15.1% last year)
July 26, 2016
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second quarter results 2016 6
organic growth/wd over L4Q at +5%
L4Q gross profit growth at +5%
- gross margin up by 10 bp YoY for L4Q
- L4Q perm growth at +9%
L4Q operating expenses* up 3% organically YoY
EBITA* margin over the L4Q up to 4.6%, from 4.3%
- L4Q organic incremental conversion ratio of 53%
* Before integration costs & one-offs.
€ million Q2 ’16 Q2 ’15 % Org. L4Q ’16 L4Q ’15 % Org.
revenue 5,108 4,816 +3% 19,782 18,259 +5%
gross profit 963 903 +2% 3,706 3,394 +5%
gross margin 18.9% 18.7% 18.7% 18.6%
operating expenses* 724 688 +3% 2,803 2,617 +3%
opex % 14.2% 14.3% 14.2% 14.3%
EBITA* 240 215 +10% 902 777 +13%
EBITA margin* 4.7% 4.5% 4.6% 4.3%
L4Q: stable mid-single-digit growth
July 26, 2016
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regional split
second quarter results 2016
Europe grew 4% (vs. +6% in Q1)
North America was stable (vs. +3% in Q1)
Rest of the world increased 4% (vs. +5% in Q1)
Group grew 3% (vs. 5% in Q1)
-15%
-5%
5%
15%
Group Europe North America Rest of World
YoY Randstad growth development
July 26, 2016
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North America: stable revenue, record profitability
revenue stable (Q1: +3%) - GP flat (Q1: +4%)
US Staffing & Inhouse, revenue growth +1% (Q1: +6%)
US Professionals, revenue down 2%
Randstad Sourceright driving NA MSP spend under management up 33%
Canada: revenue +2% (Q1: 0%) - remaining ahead of a challenging market
EBITA margin up to 6.1% from 5.9% LY
second quarter results 2016
North America – historical organic growth
4%
5%
6%
7%
1,000
2,000
3,000
4,000
5,000
2012 2013 2014 2015 L4Q 2016
revenue in € M EBITA margin
performance North America - annually
0%
4%
8%
12%
Q3'14 Q4'14 Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16
North America US Staffing
July 26, 2016
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the Netherlands: good underlying growth
revenue at +3% (Q1: +6%) - decline of government payrolling
- price pressure continues
Perm up 18% (Q1 -/- 19%)
combined Staffing & Inhouse businesses
- up 8% YoY excluding payroll business
Professionals - up 11% (Q1: +5%)
EBITA margin at 5.5% vs. 6.5% LY
second quarter results 2016
5%
6%
7%
2,000
2,500
3,000
2012 2013 2014 2015 L4Q 2016
revenue in € M EBITA margin
performance the Netherlands - annually
performance the Netherlands - quarterly
2%
4%
6%
8%
450
550
650
750
850
Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016
revenue in € M EBITA margin
July 26, 2016
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France: growth impacted by strikes
revenue up 4% YoY (Q1: +9%) - growth impacted by strikes (~2%)
- combined Staffing & Inhouse at +3% YoY
- Professionals at +10%
- perm grew 37% (Q1: +27%)
EBITA margin at 5.9% vs. 5.6% LY
second quarter results 2016
performance Franc e quarterly
1%
2%
3%
4%
5%
6%
1,500
2,500
3,500
2012 2013 2014 2015 L4Q 2016
revenue in € M EBITA margin
performance France – annually
2%
3%
4%
5%
6%
7%
0
200
400
600
800
1,000
Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016
revenue in € M EBITA margin
July 26, 2016
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11
Germany: improving growth & profitability
revenue growth +5% YoY (Q1: +5%) - SME outgrowing large clients
volume trend positive
EBITA margin at 5.0% vs. 4.6% LY - Solid operating leverage
second quarter results 2016
performance Germany - quarterly
2%
3%
4%
5%
6%
7%
500
1,000
1,500
2,000
2,500
2012 2013 2014 2015 L4Q 2016
revenue in € M EBITA margin
performance Germany - annually
2%
3%
4%
5%
6%
7%
200
300
400
500
600
Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016
revenue in € M EBITA margin
July 26, 2016
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Belgium: improving profitability
revenue -2% (Q1: -2%) - Staffing and Inhouse growth at -2% (Q1: -2%)
- Impacted by attacks and strikes
gross profit was +4% (Q1: 0%) - focus on client profitability
EBITA margin up to 6.3% vs. 5.4% LY - solid operating leverage maintained
second quarter results 2016
performance Belgium - quarterly
2%
3%
4%
5%
6%
7%
100
200
300
400
Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016
revenue in € M EBITA margin
2%
3%
4%
5%
6%
7%
500
800
1,100
1,400
1,700
2012 2013 2014 2015 L4Q 2016
revenue in € M EBITA margin
performance Belgium - annually
July 26, 2016
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Iberia: improving margins
Iberia revenue up 5% (Q1: +8%)
Spain - revenue growth at +5% (Q1: +9%)
- Professionals gross profit up 13%
- perm growth +42% (Q1: +36%)
Portugal - revenue growth improved to +5% (Q1: +4%)
- gross profit up 17%, continued growth in contact center business
EBITA margin at 4.5% vs. 3.8% LY
second quarter results 2016
Org. revenue performance Iberia - quarterly
1%
2%
3%
4%
5%
200
400
600
800
1,000
1,200
2012 2013 2014 2015 L4Q 2016
revenue in € M EBITA margin
performance Iberia - annually
2%
3%
4%
5%
6%
7%
100
200
300
400
Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016
revenue in € M EBITA margin
July 26, 2016
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Q2 revenue stable (Q1: +1%) - gross profit -/- 2% YoY (Q1: +2%)
- perm fees down 5% (Q1: +2%)
EBITA margin up to 3.0% vs. 2.0% LY - improving operating leverage
second quarter results 2016
performance UK - quarterly
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
200
400
600
800
1,000
2012 2013 2014 2015 L4Q 2016
revenue in € M EBITA margin
performance UK - annually
UK: Brexit impact limited so far
0.0%
1.0%
2.0%
3.0%
4.0%
50
100
150
200
250
Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016
revenue in € M EBITA margin
July 26, 2016
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Other European countries: growth continues
overall revenue growth +9% (Q1: +10%)
Italy - revenue growth at 12% (Q1: 11%)
- focus on specialties and perm (+27%) paying off
Switzerland - growth at +10% (Q1: +5%)
Poland - growth at +13% (Q1: +11%)
Nordics - Proffice integration well on track
EBITA margin at 3.9% vs. 3.3% LY
second quarter results 2016
performance ROE - quarterly
2%
3%
4%
5%
6%
0
100
200
300
400
500
Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016
revenue in € M EBITA margin
1%
2%
3%
4%
5%
300
600
900
1,200
1,500
1,800
2012 2013 2014 2015 L4Q 2016
revenue in € M EBITA margin
performance ROE - annually
July 26, 2016
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Rest of the world: mid-single-digit growth
overall revenue growth +4% (Q1: +5%)
Japan, growth at +4% YoY (Q1: +3%) - perm grew 65% (Q1: +38%)
Australia / New Zealand grew 4% (Q1: +5%)
- perm grew 26%
overall Asia, growth at +4% (Q1: +5%)
Latin America, up 6% (Q1: +10%)
EBITA margin at 1.9% from 0.6% LY
second quarter results 2016
performance ROW - quarterly
0.0%
0.5%
1.0%
1.5%
2.0%
200
250
300
350
400
450
Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016
revenue in € M EBITA margin
0.0%
0.3%
0.6%
0.9%
1.2%
1.5%
1.8%
600
800
1,000
1,200
1,400
1,600
1,800
2012 2013 2014 2015 L4Q 2016
revenue in € M EBITA margin
performance ROW - annually
July 26, 2016
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second quarter results 2016 17
financial results & outlook
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second quarter results 2016 18
€ million Q2 ’16 Q2 ’15 % Org. L4Q ’16 L4Q ’15 % Org.
revenue 5,108 4,816 +3% 19,782 18,259 +5%
gross profit 963 903 +2% 3,706 3,394 +5%
gross margin 18.9% 18.7% 18.7% 18.6%
operating expenses* -/- 724 -/- 688 +3% -/- 2,803 -/- 2,617 +3%
opex margin 14.2% 14.3% 14.2% 14.3%
EBITA* 240 215 +10% 902 777 +13%
EBITA margin* 4.7% 4.5% 4.6% 4.3%
integration costs & one-offs -/- 4 -/- 2 -/- 26 -/- 51
reported EBITA 235 213 876 726
amortization & impairment -/- 21 -/- 34 -/- 105 -/- 148
net finance costs & associates -/- 5 -/- 4 4 -/- 50
income before taxes 209 175 776 529
tax -/- 53 -/- 45 -/- 188 -/- 148
net income 156 130 588 381
adjusted*** net income** 171 152 659 507
diluted EPS*** 0.93 0.83 3.58 2.78
income statement Q2 2016
* Before integration costs and one-offs.
** Attributable to holders of ordinary shares.
*** Before amortization and impairment acquisition-related intangible assets and goodwill, integration costs and one-offs.
Figures stated in table are rounded
July 26, 2016
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19
performance by revenue category
second quarter results 2016
* Organic change in revenue is adjusted for the number of working days.
Staffing in € M
Q2 2016
Q2 2015
*% organic
L4Q 2016
L4Q 2015
*% organic
revenue 2,956 2,800 2% 11,463 10,696 4%
EBITA 141 129 4% 541 456 15%
EBITA margin 4.8% 4.6% 4.7% 4.3%
Inhouse in € M
Q2 2016
Q2 2015
*% organic
L4Q 2016
L4Q 2015
*% organic
revenue 1,141 1,056 6% 4,403 3,916 9%
EBITA 60 56 14% 214 209 5%
EBITA margin 5.2% 5.3% 4.9% 5.3%
Professionals in € M
Q2 2016
Q2 2015
*% organic
L4Q 2016
L4Q 2015
*% organic
revenue 1,011 960 4% 3,916 3,647 3%
EBITA 58 46 25% 213 175 14%
EBITA margin 5.8% 4.8% 5.4% 4.8%
focus on delivery models – central delivery
withdrawing from low margin/loss making business
FTE investments in growth markets
continued transfer of clients from Staffing to ensure right delivery model is offered
focus on strong verticals:
IT
Finance/Accounting
Engineering
July 26, 2016
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gross margin bridge
temp margin up 10bp YoY with favorable mix and M&A offsetting ongoing challenging pricing environment
perm fees grew 11% YoY organically, benefiting margin by 20bp
HRS/Others down 10bp, impacted by loss of NL government payrolling and RPO mix
20 second quarter results 2016 July 26, 2016
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second quarter results 2016 21
operating expenses bridge
OPEX up € 25.0M organically (sequentially)
favorable FX impact € 3,6M
M&A relates to acquisition of Proffice
July 26, 2016
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22
net debt at € 634M leverage ratio at 0.7
€ million June 30, 2016 June 30, 2015
goodwill and intangible assets*** 2,730 2,553
operating working capital 811 762
net tax assets 498 597
all other assets and liabilities**** 365 216
invested capital 4,404 4,128
equity 3,770 3,553
net debt 634 575
invested capital 4,404 4,128
DSO, Days Sales Outstanding** 50.7 51.2
working capital as % of revenue 4.1% 4.2%
leverage ratio 0.7 0.7
return on invested capital* 17.9% 15.1%
second quarter results 2016
* Based on underlying EBITA (last 12 months) less income taxes paid (last 12 months) as a percentage of invested capital. ** DSO, (Days Sales Outstanding), moving average. ***Acquisition-related intangible assets **** software incorporated in other assets and liabilities. Figures stated in table are rounded
July 26, 2016
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23
Q2’16 free cash flow
€ million Q2 ’16 Q2 ’15 L4Q ’16 L4Q ’15
EBITDA 252 229 941 792
change in OWC -/- 179 -/- 192 -/- 78 -/- 33
income taxes -/- 42 -/- 53 -/- 112 -/- 153
provisions & employee benefit obl. 2 -/- 9 -/- 28 5
net additions in PPE and software -/- 21 -/- 13 -/- 71 -/- 63
other items -/- 22 -/- 21 -/- 73 -/- 70
financial receivables - - -/- 4 -/- 6
free cash flow -/- 10 -/- 59 575 472
net acquisitions/disposals/buyouts -/- 5 0 -/- 266 -/- 3
net issue/purchase of ordinary shares - 2 -/- 49 -/- 19
net finance costs -/- 4 -/- 1 -/- 13 -/- 22
dividend paid -/- 320 -/- 94 -/- 320 -/- 94
translation effects and other items 1 2 14 -/- 31
(increase)/decrease of net debt -/- 338 -/- 150 -/- 59 303
second quarter results 2016
Figures stated in table are rounded
July 26, 2016
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24
outlook
second quarter results 2016
organic revenue growth was 3% in Q2; In June, revenue grew by 2% - volumes in early July indicate a continuation of the Q2 growth rate.
for Q3 operating expenses are expected to remain stable sequentially on an organic basis
as of Q3 the acquisitions of Obiettivo Lavoro (Italy), Careo (Japan) and twago (digital) will be consolidated
there is no material working day impact in Q3
July 26, 2016
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second quarter results 2016 25
Xxxxxx
L4Q EBITA margin of 4.6% (+30 bp YoY)
DSO improved to 50.7 (from 51.2 in Q2 2015); leverage ratio of 0.7
Acquisitions of Obiettivo Lavorro (Italy), Careo (Japan) and twago (digital) announced
Revenue of € 4,702 million; organic growth +5.0%; gross profit up 3.8%
Topline growth of 6% in Europe, +3% in North America and +5% in Rest of World
Underlying EBITA of € 168.9 million (+xx% organically); EBITA margin up 10 bp to 3.6%; Organic FY ICR of xx%
Adjusted net income up 12% to € 170.9 million; ROIC at 17.9% (vs. 15.1% last year)
Revenue of € 5,108 million; organic growth +3.1%; gross profit up 2.4%
Topline grew 4% in Europe, 0% in North America and 4% in Rest of the world
Gross margin up 20bp YoY to 18.9%; perm fees up 11%
Underlying EBITA of € 240 million (+10%); EBITA margin up 20bp to 4.7%; L4Q ICR of 53%
M&A announced in H1 will add ~€ 1.5 billion in revenues (incl. Proffice and Ausy) on an annualized basis
Acquisitions of Obiettivo Lavoro (Italy), Careo (Japan) and twago (digital) announced
L4Q EBITA margin of 4.6% (+30bp YoY)
July 26, 2016
appendices
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second quarter results 2016 27
our priorities
leverage our expertise in specialty Staffing
focus on permanent placements
SME
implementing global concept per segment
focus on permanent placements
SME
Staffing Professionals
expand in white-collar and Professionals
increase share of wallet
grow in MSP and RPO
support TTA approach:
payrolling
outplacement
outsourcing
Inhouse HRS
Client total talent architecture
July 26, 2016
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second quarter results 2016 28
grow to 5-6% EBITA
- profitable growth - improve margin
- increase productivity
activity-based field steering
- market validation
- funnel management (temp & perm)
- weekly activity mgt
- bottom-up planning
management framework
- role & responsibilities
- accountability
- pricing guidelines
growth accelerator
- staffing/specialties
- professionals
- perm (staffing & profs)
- define & apply growth model
integrated approach of line management & all functional disciplines
setting the ambition profitable organic growth through activity-based field steering
July 26, 2016
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growth drivers & strategy
29 second quarter results 2016 July 26, 2016
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strategic roadmap driven by best people, strong concepts, excellent execution and superior brands
shape the world of work • optimal workforces for
clients • the best jobs for
candidates
grow to 5-6% EBITA • profitable growth • improve margin • increase productivity
HR technology • being the most agile integrator of
technology & services in our industry
Randstad Innovation Fund • capturing trends & future business in
HR technology
M&A, seamless fit integrations • strategic fit • value creation • manageability
Total Talent Architecture, World Class Customer Experience • creating quantifiable business impact addressing the entire
workforce of our clients
Activity-Based Field Steering • driving commercial excellence;
brand strength, leads and conversion
World League People, at the right place, at the right time • optimized organization structure • high performance culture & people engagement • continuous process improvement
Org
TTA
Tech
ABFS
M&A
today
goals
Talent management, unique candidate engagement • optimal integration of technology and touch • leader in speed to match and quality of hire • foster talent engagement and communities
Talent
strong concepts • Staffing • Inhouse • Professionals • HRS
30 second quarter results 2016 July 26, 2016
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revenue split Q2 2016
geographical areas revenue categories
23%
16%
16% 10%
7%
6%
4%
11%
8%
North America
NL
France
Germany
Belgium
Iberia
UK
RoE
RoW
58% 22%
20%
staffing inhouse professionals
31 second quarter results 2016 July 26, 2016
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EBITA breakdown by geography
Q2 2016
21%
27%
17%
18%
10%
8%
6%
3%
8%
3%
North America
NL
France
Germany
Belgium
Iberia
UK
RoE
RoW
32 second quarter results 2016 July 26, 2016
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33
outlets* by region
end of period Q2 2016 Q1 2016 Q4 2015 Q3 2015 Q2 2015
the Netherlands 649 661 644 648 644
France 681 700 728 729 741
Germany 558 546 550 547 547
Belgium/Lux 303 310 303 311 303
United Kingdom 138 146 139 130 134
Iberia 332 331 306 303 302
Other European Countries** 517 507 406 374 389
North America 1,135 1,129 1,119 1,102 1,084
Rest of the world 285 285 278 274 272
total 4,598 4,615 4,473 4,418 4,416
second quarter results 2016
* Branches, inhouse & other onsite/client locations.
** 79 outlets have been added in Q1 following the Proffice acquisition.
July 26, 2016
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34
corporate staff by region
average Q2 2016 Q1 2016 Q4 2015 Q3 2015 Q2 2015
the Netherlands 4,320 4,270 4,200 4,230 4,050
France 3,530 3,500 3,520 3,500 3,410
Germany 2,640 2,600 2,600 2,550 2,560
Belgium/Lux. 1,900 1,840 1,890 1,910 1,870
United Kingdom 1,540 1,580 1,590 1,610 1,530
Iberia 1,840 1,830 1,830 1,790 1,720
Other European Countries* 3,880 3,780 3,010 2,880 2,740
North America 6,490 6,440 6,610 6,460 6,410
Rest of the world 5,200 5,110 5,060 4,970 4,780
Corporate 180 190 190 190 190
total 31,520 31,140 30,500 30,090 29,260
second quarter results 2016
* Normalized for the quarter 700 average staff have been added in Q1 following the Proffice acquisition.
July 26, 2016
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35
staffing employees by region
average Q2 2016 Q2 2015
the Netherlands 86,300 83,400
France 84,000 77,600
Germany 47,900 45,700
Belgium/Lux. 40,600 39,800
United Kingdom 15,600 16,200
Iberia 62,500 60,200
Other European Countries* 70,100 58,200
North America 107,500 106,800
Rest of the world 106,200 112,600
total 620,700 600,600
second quarter results 2016 July 26, 2016